PM Report: Debating The Causes of Joblessness

9/3/2010 4:27PM

Jon Hilsenrath talks to Dennis Berman and Brenda Cronin about the debate raging over why the nation's unemployment rate remains so stubbornly high and what it says about the prospect of a double-dip recession.

This transcript has been automatically generated and may not be 100% accurate.

... in ... can the economy get back on track ... and ends from Wall Street Journal ... here too it was Brenda Cronin for ... the last news out of ... the summer months ... of were joined today by eyed John Eales unwrap the from Washington is going to help us understand what's going on with the economy the jobs numbers today pleaded and painted a mixed picture offer with the US economy was headed by John it's great to see you this afternoon ... came and reiterated last summer vacation that I see as you ... noted ... earlier ... the people who want work can find jobs and those jobs that are available for people can find the right workers so where are we ... so ... I guess it is a summer reading America I take today which is that it does with ... the Mistry underlying the high employment rate that we have today ... the question of whether we have a structural problem that can be very hard to fix ... or whether it's just a matter of stimulating more demand and the two sides understood they have two very different policy approaches ... no ... one side says there's this mismatch data like construction workers ... who aren't well suited for do the jobs that are open like nursing jobs and Unassigned is also about housing and housing also a factor ... in ... Canada swell people with as part of it as part of easy at all these construction workers you know in other people on the housing sector that are suited for jobs are open today ... there are other people out there who doesn't like the Christina Romer pointed to say that ... this is a matter of stimulating demand we getting it growth up the road gets tough ... France's with more stimulus them or get back to normal wear now and I know you very much a journalist but they had to have appointed you when you when you weigh on the defense side so when you come down ... on the day ... op well you know I'm I'm going to catch on among ... people in the ... I don't think there's no easy way added the situation we're in ... a year with nine point six percent unemployment is going to be years before we get back ... to a level that most people that most Americans are comparable with ... whether you call it structural cyclical or anything else it's a very very long haul ahead of us and there is no easy ... prescription ... for fixing anyone tells you that they have ... they're exaggerating online already are understood ... what are ... the sum of the good parts in the jobs report today that their elected there was some sign of progress in the report they think one of the things that I latched onto is that a long-term unemployment ... in the people of battle been on a work for six months or longer ... that's notch down for the last couple months I think that's good news is that you know ... that's a sign of real trouble for different people are unfair and added them out of work for ... months and months and months since it becomes harder for them to find jobs ... down the road ahead at some side and and you know the other the other really the headline is that this was not a double dip number ... we get some Pedro some private payroll growth ... some other Gwon rings of life in the job MARKET said people were screaming that it's a double dip ... data from easier to analyze the saw Treasurys sell off a little then I think this for the next ten years on ... Friday as the political reaction ... on from the Washington of course ... again people are probably bad need of a hurricane ... it is in DC but that is do we see any signs of of of of what's for political approach when we might see from the Obama Obama administration today to read this they are battling to ... her and ... her cute is this weekend and early autumn ... there's nothing is going to happen between now and ... Nidec is used as an entity arguing about who's right who's wrong until November ... no the real decisions are going to get made after the voters make their decision and decide whether it's Republicans or Democrats running out ... now some ... say to me is a bad analogy and say that's the real hurricane coming Steel X and yes ... absolutely ... I missed it but it's a good analogy ... well that's the bring of Mike ECL from DowJones Newswires is going to talk about how the markets ... responded to the jobs news is actually a pretty positive like to do that to the soldering the boss awful ... this was the age ended up two point six sit on the week which is ... the ... best performing pre Labor Day ... week in two decades ... that's not the first time we've gone into the month ... with this little guy ... since I think the euro ... I would fund the retirements impulse of the evidence sought Alto yet the people looking at the fact that this on every level that was surprises in those numbers the will to the upside revisions to previous two months as well as the ... B of the deposit jobs moving been expected ... all that was good people to do that and I just says Treasurys rallied as far as they have until now was a difficult shoot on one of those bets so closeted that he did these ... were really still arrange so maybe not in this for a while even before that report came out things for buying that answers this week write your own brand of a tear for ... it's got to get this thing about the rise we could back of the last couple months he just wants this to the Talmud ... Lewisham of the ten thousand number that would be back in fulfillment of those hats though we have throughout its the Evo is the ... sole is is ... the ... lowest I still got all slitting around that number to ... widens into the Matrix here is both economic and political Yep about ... the position open to ... the political has changed ... much which is that unemployment is up nine point six percent the stock market is pretty much to where it's been for the US last year it is beginning of the year ... so if you're in office he would say ... progress is here mannequins ... you probably can make that I can run but you could say though would not fall off the cliff threatening that's the belief that add to that we didn't have that one or FCC to fully into double dip necessarily ... deflation now all stuff that the title of it saying it's not the worst situation could be in bed ... to be released as a cheer you up with something very positive outlook that you ... glass is half full ... the well the answer you ... the guy pictures I hope of a beautiful monster Audi convertible Mendoza RRI with Mueller ... from Las to talk to us so sad and what is that even many luxury cars what does it have been headlined ... unique factor at this hour ... well she changed is really gay is instilling fear Christina Kanders ... it certainly does all its exotic car ever ... and ... the thing is that ... I ... as well as its brand has been used for entities this living will ... it's been on our own house as New Jersey's apprentices ... what is ... it is not snapping an Oneda ... it appears the car slid on ... its debt ... brand ego steel and that's a nice today ... so even more I and any younger bubbles with the car would be more about its marketing and in games and instant fame and what I think ... that's a very nice car and you know as as as as states over five years long ceased for people near comparably is unusual for convertible ... I'm gonna burn design the engine for her words are that's ... visitors in significant numbers ... you know ... Pratt and that's true ... these these luxury cars are all outsell Majhi and sold in Asia ... so present Asian celebration is everything in a year ... ago hundred ninety miles an hour are you just won't look like you can get when ... you mention your view that the EU and wife couple friends laughed and giggled your way through mountains ... locally yet I think ... was that was ... used to only eat here are the one ... hundred and ten degrees in the evening ... and the ... top down or risk ... backing ... up in every other time hanging out why the Goldman or treaters that decided the the the trot and ... as far as this month forwards these cars for ... a bill designed for four please don't be taken by available ... read about you into personality that way but that we would do we know that and that he should attack his review ... in the last return on Saturday as well over the weekend ... be sure to monster the beest dot com for updates on Hurricane Earl ... of a thanks to Brenda Cronin and Mike Casey we will be back ... on Tuesday ... with Kelly Evans in the morning heats up so ... I think steel and have a ... great Labor day week ...